The Maine State Housing Authority completed a $210 million bond sale last week. It was the largest sale of bonds in the agency’s history.

The money will be used to finance the agency’s first-time home buyer program, which provides reduced-interest-rate loans to low- and moderate-income Maine families buying their first homes.

Dwight A. Sewell, director of the MSHA, said that the sale would enable the agency to continue the first-time-buyer program for another two or three years, regardless of what happens with the housing bill now being considered in Washington.

“We hope Congress acts responsibly and extends the authority of state housing finance agencies like the MSHA to offer first-time home buyers the benefits of a reduced interest rate,” Sewell said. “This sale ensures Maine people that the program will continue, even if Congress takes some time to re-enact the law authorizing it.”

Legislation authorizing state housing finance agencies to sell tax-exempt bonds to finance single-family homes expires Sept. 30. Legislation to continue the program has the support of the entire Maine delegation.

The MSHA expects the $210 million bond sale to finance first homes for about 3,500 Maine families. The program using the new funds will start in October, Sewell said. The MSHA has not set the interest rate on the loans for the new program, but it will be appreciably lower than rates on conventional mortgages.

The agency plans to offer three different rates, depending on the income of the borrower, in the new program. The current program provides loans at rates of 8.75 percent, 7 percent and 5 percent.